- Day Zero identity verification leader Socure announced that it has raised $35 million in a new round led by Sorenson Ventures
Day Zero identity verification leader Socure announced that it has raised $35 million in a new round led by Sorenson Ventures with participation from existing investors Commerce Ventures, Scale Venture Partners, and Flint Capital. And the funding round also included new strategic investor participation from Citi Ventures, Wells Fargo Strategic Capital, and MVB Financial Corp. Including this funding round, Socure has raised $96 million in total funding.
Socure’s predictive analytics platform applies artificial intelligence and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity and the broader internet to verify identities in real-time. And Socure powers financial inclusion – approving as much as 40% more millennial and other thin-file consumers. Plus it also reduces fraud for online new account openings by up to 95% with false positives of better than 1:1, and cuts manual review rates by as much as 90%. Socure was originally founded in 2012 by chief product officer Johnny Ayers and the company is led by CEO Tom Thimot. The company is based out of NYC and it has offices in San Diego, San Jose, and Chennai, India.
This funding round will be used for supporting Socure’s growth, enhancing its machine learning capabilities, and further its mission to eliminate identity fraud and become the most trusted source of identity verification. Earlier this year, Socure was named to Forbes’ Top 25 Machine Learning Startups To Watch.
KEY QUOTES:
“We are grateful to have had significant investor interest despite the current economic environment, and are proud to have taken less money than was on the table. As we continue to build on our position as the leader in Day Zero identity, we are prioritizing investment in new verticals, talent, products and capabilities.”
— Socure CEO Tom Thimot
“Advanced identity screening solutions have become essential for financial institutions to effectively prevent fraud as cyber criminals are becoming increasingly sophisticated. Socure has established itself as a market leader in the identity verification space and Citi Ventures is excited to support their ongoing growth story.”
— Travis Skelly, Director, Venture Investing at Citi Ventures
“The current climate is accelerating a shift to digital channels, further emphasizing the need for reimagined identity verification to better combat evolving patterns of fraud. Socure’s seamless and adaptive solution facilitates an enhanced customer experience, and we are pleased to support their continued growth with this investment.”
— Basil Darwish, Managing Director at Wells Fargo Strategic Capital
